Today’s ESG Updates
- COP30 Chief Warns Countries Of War Risk If Climate Efforts Are Not Improved: Ana Toni expresses that increased climate spending is integral to a safer world.
- UBS Delay Climate Targets By A Decade Blaming Credit Suisse Acquisition: UBS has pushed back its net zero greenhouse gas targets to 2035 following Credit Suisse acquisition.
- $200 million Solar Power Deal Discussions Between UAE’s Masdar and Endesa: The Abu Dhabi renewable energy company and Spanish power utility company in talks on closing a deal.
- Alphabet Launches Emission Reporting Tool: The multinational conglomerate launched a new Carbon Manager tool which will aid organisations in tracking their fleet’s overall carbon impact.
Cop30 Chief Warns Countries Of War Risk If Climate Efforts Are Not Improved
Ana Toni, leading economist and chief executive of the next COP30 summit warns countries of the associated risks of insufficient climate spending. Toni stated, “climate change is an accelerator of inequalities and poverty, and we know that the consequences of inequality and poverty can turn into wars in the future”. A clear link between climate spending and defense indicates the close relation between accelerated climate change and political instability. More recently, European nations have rushed to devote more money to defense following Trump’s aggressive foreign policy. Toni’s statement demonstrates the need to view climate change and defense more interconnectedly rather than in isolation. For companies wishing to stay on track with ESG guidelines, see ESG Tools.
***
Further reading: Countries must bolster climate efforts or risk war, Cop30 chief executive warns
UBS Delay Climate Targets By A Decade Blaming Credit Suisse Acquisition
UBS announced that it has delayed its net zero greenhouse gas emissions by ten years to 2035 in its latest sustainability report on Monday. UBS stated that the delay reflected its “enlarged corporate real estate portfolio” following the state-orchestrated takeover of Credit Suisse in 2023. Fellow banking competitor HSBC also recently announced that it would be pushing back its decarbonisation targets by 20 years to 2050. UBS remains a member of the Net-Zero Banking Alliance whose members must commit to setting goals that are in line with limiting global warming to 1.5C above pre-industrial levels. This ambitious target however is subject to possible change and rising to 2C. Although UBS has not announced its departure from this alliance, it would not be a surprise given that banking giants including JPMorgan and Goldman Sachs have left in recent months.
Photo Credit: Claudio Schwarz
***
Further reading: UBS blames Credit Suisse deal as it delays climate targets by a decade
$200 million Solar Power Deal Discussions Between UAE’s Masdar and Endesa
The cross-continental deal would see Masdar, the Abu Dhabi based renewable energy company, pay around $200 million in exchange for a 49.9% stake in a solar portfolio directed by Endesa, the Spanish power utility company. This roughly 450 megawatt portfolio would build on the existing partnership between the two companies and broaden Masdar’s operations in Spain. This deal comes after Masdar took a minority stake in a 2-gigawatt solar portfolio controlled by Endesa last July. As their relationship grows, there is a brighter future of collaboration. For companies wishing to further their alignment with ESG, see ESG Tools.
Photo Credit: Anders J
***
Further Reading: UAE’s Masdar in talks on $200 million solar power deal with Endesa, sources say
Alphabet Launches Emission Reporting Tool
Alphabet, the leading multinational technology conglomerate has launched a new Carbon Manager tool for UK customers. This tool will give organisations insight into their overall carbon impact and convert raw data into real world actionable strategies. The carbon managing tool has been developed as part of Alphabet’s partnership with Plan A, a corporate carbon accounting, decarbonisation, and ESG reporting software provider. In 2022, the government launched the Government’s Task Force on Climate-Related Financial Disclosures, making it compulsory for large corporations in the UK to disclose their climate-related financial risks. By governments increasing mandates on carbon emission reporting, there has been a clear shift in attitude amongst large corporations trying to enhance efficiency and adhere to legal standards. For companies wishing to follow ESG guidelines, see ESG Tools.
Photo Credit:Chris LeBoutillier
***
Further reading: Alphabet launches tool to support mandatory emissions reporting
Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit:Mathias Reding
